Global Caprolactam Market Procurement Intelligence Report with COVID-19 Impact Analysis | China Petrochemical Development Corporation (CPDC), Royal DSM N.V
Market Synopsis
Market Research
Future (MRFR) postulates that the global caprolactam market is presumed to
garner USD 14.9 billion by 2019. The market is anticipated to expand at a CAGR
of 8.1% during the forecast period (2016-2022) owing to the increasing
commercial importance of nylon. Caprolactam is
referred to as an organic compound which is a colorless solid and is
also a lactam of caproic acid. It is primarily
used in the production of resins and nylon 6 fibers. A major portion of caprolactam is consumed in the production of nylon fibers for carpet, textile,
and industrial yarns. The rest of the caprolactam is used in engineering films and resins.
Market Potential and Pitfalls
With the augmenting
demand for industrial yarn coupled with the expansion in the automobile
industry, the caprolactam market is estimated to flourish throughout the
assessment period. Caprolactam market is also
driven by the rising demand generated from the production of nylon-6 as
a large portion of the compounds produced is
used in the manufacturing of nylon-6. In water, caprolactam hydrolyzes and forms aminocaproic acid, which is especially used medicinally. It is also
considered an important polymer which has a wide range of application across
industries. Nylon fibers and resins possess
superior properties such as elasticity, high strength, chemical & oil
resistance, abrasion resistance, and low moisture absorbency, thereby
triggering the demand for caprolactam across the globe. Raw materials like ammonia,
cyclohexane, and phenol are used in the
manufacturing of caprolactam. Due to the presence of several oil refineries in
China and the U.S., the production of raw materials is concentrated.
The compound is used in several end-user industries like industrial
yarn, textile yarn, carpet fibers, engineering plastics, and staple fibers,
which is further estimated to augment the market
growth globally. Additionally, technological innovations made towards improving
the manufacturing process of caprolactam to reduce the production of ammonium
sulfate is predicted to bolster the market growth in the coming years. Moreover, with the rising demand for
engineering films and plastics in manufacturing automotive parts like gears,
engine covers, and bearings, due to their resistance to greases and oils is estimated
to propel the growth of caprolactam market.
On the contrary,
product prices are presumed to increase throughout the appraisal period due to
the highly volatile raw material prices.
Such concerns are likely to vitiate the market growth in the coming years.
Moreover, the plummeting cost of caprolactam due to oversupply and increasing
production capacity is presumed to pose a threat to the growth of the market
globally.
Sample link - https://www.marketresearchfuture.com/sample_request/2255
Global Caprolactam Market: Segmental Analysis
The global
caprolactam market has been segmented on the basis of source and end-user.
By mode of source, the global caprolactam market has been segmented into toluene, phenol, and
cyclohexane.
By mode of
end-users, the global caprolactam market has been
segmented into textile stiffeners, textile yarns, synthetic leather,
film coatings, plasticizers, plastics, and others. Among these, the segment for
textile yarns is presumed to dominate the global market as it is extensively used in several applications including
house furnishing and apparel. The augmenting demand for textile yarn and the
use of nylon 6 fibers in upholstery,
bedspread, carpets, and curtains are anticipated to positively impact the segment in the coming years.
Regional Insights
Geographically,
the caprolactam market span across regions namely, Europe, North America, Asia
Pacific, and Rest-of-the-World (RoW).
Among all the
regions, the Asia Pacific region is presumed to experience the maximum growth
rate owing to the increasing use of caprolactam in several applications coupled
with the macroeconomic growth of the automotive and the textile industry.
Moreover, rapid industrialization is leading to the establishment of several
automotive and appliance manufacturing plants in China and India which is
likely to positively impact the market growth.
Also, burgeoning demand for passenger cars in China and India due to increasing
disposable income is anticipated to trigger the market growth in the coming
years.
Regions like North America and Europe are anticipated to witness
significant growth throughout the
appraisal period owing to the augmenting demand for lightweight materials in
these regions. The metals are replaced with engineered plastics in lightweight
vehicles due to properties such as high mechanical strength and low moisture
absorption.
Industry Updates
May 22, 2018: Genomatica
and Aquafil have recently announced the
formation of Project EFFECTIVE, which is a collaboration of multiple companies in order to produce more sustainable plastics
and fibers for commercial use by using bio-based technologies and renewable
feedstocks. One of the primary objectives of Project EFFECTIVE is to develop more sustainable nylon made from bio-based
caprolactam using renewable feedstocks.
Competitive Dashboard
The prominent
players operating the global caprolactam market are BASF SE, China
Petrochemical Development Corporation (CPDC), Royal DSM N.V., Kuibyshevazot
Ojsc, China Petroleum & Chemical Corporation (Sinopec Limited), Lanxess Ag,
UBE Industries, Honeywell International Inc, Shandong Haili Chemical Industry
Co. Ltd., Sumitomo Chemical Company Limited, and others.
Comments
Post a Comment